Technology has changed the way businesses operate as we have it today. From simple tools such as the calculator, to complex systems that allow for global communication, technology has made it easier for companies of all sizes to function. While it may be difficult to imagine the world without these innovations however, they come with excess baggage, such as hacking and other criminal activities that can cause disruption to business operations. This is why it is crucial for businesses to understand and make use of these tools in a responsible way.
Today, business owners utilize a variety technology tools to streamline processes and provide support employees and customers. There are a myriad of software available to simplify daily tasks, such as record keeping and data collection. These tools can also be utilized to calculate vacation leave as well as track attendance of employees and calculate monthly salaries. Cloud technology lets companies store and access data on third party servers on the internet, instead of buying and maintaining expensive physical infrastructure.
Digital technologies are also transforming international business (IB). Digital platforms allow companies to deliver IB – including logistics, procurement, production, marketing and communications – across national boundaries. This allows businesses disintermediate processes by shifting costs and tasks away from their operations and onto complementors, clients and other stakeholders both in both the home and abroad.
The IB community has long recognized the importance of these new technologies and has developed a number of strategies that will facilitate their acceptance. However, IB is still grappling with the issues that come with these new capabilities.